H.R.3399 - To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.

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  • Official: To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/30/09
 
 
 
 
 
 
 

Official Summary

Amends the Internal Revenue Code to allow affiliated life and non-life insurance companies to file consolidated tax returns. Allows: (1) the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company to be phased

Official Summary

Amends the Internal Revenue Code to allow affiliated life and non-life insurance companies to file consolidated tax returns. Allows:
(1) the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company to be phased in over five years; and
(2) an automatic waiver of the the five-year waiting period applicable to affiliated non-life insurance companies for offset of their losses against life insurance company income.

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